CAPITAL ONE FINANCIAL CORP

Total assets increased by $3.5 billion to $493.6 billion as of March 31, 2025 from December 31, 2024 primarily driven by increases in our cash balances from deposit growth and higher securities available for sale balances, partially offset by seasonal paydowns in our credit card loan portfolio.

Total liabilities increased by $702 million to $430.1 billion as of March 31, 2025 from December 31, 2024 primarily driven by deposit growth due to our national consumer banking strategy, partially offset by net maturities of our securitized debt obligations and unsecured senior debt. Our national consumer banking strategy includes our national brand and marketing strategy, cafés and tech/digital investments, which have enabled us to both deepen and grow our overall customer base.

Stockholders’ equity increased by $2.8 billion to $63.5 billion as of March 31, 2025 from December 31, 2024 primarily driven by a decrease in accumulated other comprehensive loss and net income in 2025.

The following is a discussion of material changes in the major components of our assets and liabilities during the first quarter of 2025. Period-end balance sheet amounts may vary from average balance sheet amounts due to the timing of normal balance sheet management activities that are intended to support our capital and liquidity positions, our market risk profile and the needs of our customers.

Investment Securities

Our investment securities portfolio consists of the following: U.S. government-sponsored enterprise or agency (“GSE” or “Agency”) and non-agency residential mortgage-backed securities (“RMBS”), agency commercial mortgage-backed securities (“CMBS”), U.S. Treasury securities and other securities. Agency securities include Government National Mortgage Association (“Ginnie Mae”) guaranteed securities, Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”) issued securities. The carrying value of our investments in Agency and U.S. Treasury securities represented 97% and 96% of our total investment securities portfolio as of March 31, 2025 and December 31, 2024, respectively.

The fair value of our available for sale securities portfolio increased by $1.3 billion to $84.4 billion as of March 31, 2025 from December 31, 2024, primarily driven by decreases in relevant benchmark interest rates and net purchases. See “Part I—Item 1. Financial Statements—Note 3—Investment Securities” for more information.